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  1. #10841
    Legend Balance's Avatar
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    Quote Originally Posted by digger View Post
    Ease up there zigzag,balance has a name for faithful shareholders of NZO.Yesterday i turned 70 and one of the cards i got says something about knowing a thing then a mimute later it slips your mind.So all you good shareholders under 70 will have to get together and work out what it is that Balance calls faithful NOG sharholders.Now how could something you heard 2 or 3 hunderd times not have stuck???
    Congratulations, Digger. Hope you had a great day yesterday! Good present today then from NZOG?

  2. #10842
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    Quote Originally Posted by digger View Post
    Well thought out NZO. A less intelligent company would have stood on there legal rights and taken the lot.To have done so would be a very short term gain and leave no future chance of ever reopening the mine with NZO having any future say.This tragedy will in the end allow a future PIKE to be run in the best interest of safety and not in the best interest of DOC or the greenies,as i have outlined several times before about the best way to remove the methane.
    The outstanding thing about this agreement if it should go ahead is that there is a future.
    The banks are of coa-se the ones that have to have all there monies.But that is too big to comment here but has a lot to do with the lenders taken on some of the risks instead of just expecting govt baleout if there policies turn sour.But as i said too big for here.
    Digger,
    Well said. This has been very well thought out by NZO. I just wish the BNZ could have fosaken 10 or so million. It would have been very good PR for them.

  3. #10843
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    Balance of course. We can rely on Balance to find the dross among the gold.

    Quote Originally Posted by blockhead View Post
    Good to see a bit of common sense shown in this plan, can't see who might be too unhappy with this

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    ""So if a sale results in more than $50m theres a chance of shareholders getting something. ""

    the permit is still in place,(i think) and that very expensive tunnel is still in place,(it seems) as is 99.9% of the coal.

    if the highest bid is $50m it better be NZO's

    in fact.......... NZO should of held a special meeting of shareholders and had a vote to see what the majority of shareholders would of backed the directors bids up to, to secure the mine.

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    Quote Originally Posted by neopoleII View Post
    ""So if a sale results in more than $50m theres a chance of shareholders getting something. ""

    the permit is still in place,(i think) and that very expensive tunnel is still in place,(it seems) as is 99.9% of the coal.

    if the highest bid is $50m it better be NZO's

    in fact.......... NZO should of held a special meeting of shareholders and had a vote to see what the majority of shareholders would of backed the directors bids up to, to secure the mine.
    Not a good idea as then only NZO would have their cards on the table,giving the opposition free look into your situation.Usually called commerically sensititive info.
    Last edited by digger; 12-09-2011 at 07:36 PM.
    digger

  6. #10846
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    Quote Originally Posted by digger View Post
    Not a good idea as then only NZO would have their cards on the table,giving the opposition free look into your situation.Usually called commerically sensititive info.
    Agree Digger but I do expect NZO Board to make sure PRC is not sold too cheaply and be ready to go in and buy it out of receivership rather than have it gifted away to another bidder. The assets are still there (largely) and a lot of the monetary value of the mine remains intact. No reason to give it all away.

  7. #10847
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    Quote Originally Posted by brucey09 View Post
    Snrs.
    The little creditors pay will stop any lawsuites - good strategic nzo - yes!
    the acceptance vote by value should be a done deal since BNZ, equip hirers and NZO should all agree, plus the 200+ unsecured creditors who paid in full.

    lawsuites being stopped would only be binding if the unsecured creditors signed the agreement, accepting up to 20c in the dollar, but in saying that one would hope most unsecured creditors would agree.

    the big plus in this is the insurance payout, tips the balance to the positive [no pun re 'balance' though]

    once payout accomplished then less people involved and who knows what will happen - a corporate play by nzo to payout remaining unsecured creditors in exchange for more script?

    M

    ps, happy 70th digger

  8. #10848
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    A man took money in from others, borrowed some more and bought an expensive car.

    He wrecked it through careless driving.

    Insurance paid out some of the value of the car.

    The mushrooms jump up and down, proclaiming what a great thing the man has done!

    Look at how well NZOG has trained you lot.

    Pathetic.

  9. #10849
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    So do we take it you don't agree with the payout plan (un) balanced ???

    I think even you (after feeding the mushrooms) would see merit in this plan

  10. #10850
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    Quote Originally Posted by blockhead View Post
    So do we take it you don't agree with the payout plan (un) balanced ???

    I think even you (after feeding the mushrooms) would see merit in this plan
    NZOG is simply making the best out of a bad situation - so that's okay.

    But for some of the mushrooms, they are acting like they have just been given a big windfall!

    Go figure.

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